Today’s Foreclosure NewsUpdate of July 26, 2008: Congress passed the American Housing Rescue and Foreclosure Prevention Act of 2008 and among the numerous other reasons this bill is weak (see Federal Housing Bill Rescues Banks more than Borrowers here) it kept the provision relating to housing counseling that prohibited funding for civil litigation. Because that provision was objectionable [...]
Filed under: Advice for Borrowers, National Foreclosure News | 1 Comment »
See also: “Pressure is Mounting on Mortgage Brokers“. Mortgage brokers do 60 to 80 percent of home loan origination across the country. These people are major players in the mortgage industry, yet their role is entirely misunderstood by the public. Is it intentional deception or myth that mortgage brokers shop for the best deal for their clients? Of course [...]
Filed under: Advice for Borrowers, Minnesota, National Foreclosure News, New York, North Carolina, State Foreclosure News | 2 Comments »
Update of July 17, 2008: Dallas-Fort Worth foreclosure filings are up 24 percent from one year ago. See Dallas Morning News article. Dr. James Gaines of Texas A&M University will undoubtedly try to explain away recent foreclosure numbers from Texas (as he has done in testimony before members of the Texas Legislature), however, a company who has [...]
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Today we got another lesson on how powerful the banking lobby is or how pathetic borrower advocates have become. Faced with record foreclosures, abusive lending practices, and unconscionable lending products, California enacted a dud of a law today (SB 1187). While the original bill might have made a difference, the bill that ultimately passed was watered down to the [...]
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Update of July 30, 2008: President Bush signed the bill into law (now called the Housing and Economic Recovery Act of 2008). Source here. Update of July 26, 2008: Senate passed the bill (they worked Saturday) sending it to the President. The media continues to buy the spin of the banks that wanted this bill [...]
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